CenterPoint Energy to pay additional interest on 2% ZENS notes

By Marisa Wong

Morgantown, W.Va., Feb. 9 – CenterPoint Energy, Inc. said it will make an additional interest payment on its 2% zero-premium exchangeable subordinated notes (ZENS) due 2029.

Additional interest of $1.156250 per note will be paid on March 6 to holders of record as of the close of business on Feb. 20.

The additional payment is in connection with Meredith Corp.’s acquisition of Time Inc. that closed on Jan. 31, according to a press release.

Specifically, additional interest of $0.761622 per note was calculated as the product of 0.0625 shares of Time common stock per note, the $18.50 per share tender offer price and the 65.87% of outstanding shares of Time common stock that participated in Meredith’s tender offer; and additional interest of $0.394628 per note was calculated as the product of 0.0625 shares of Time common stock per note, the $18.50 per share merger consideration price and the 34.13% of outstanding shares of Time common stock that did not participate in the tender offer.

After closing of the merger, the reference shares for each ZENS note will now consist of 0.5 share of Time Warner Inc. common stock and 0.061382 share of Charter Communications, Inc. common stock.

CenterPoint is an energy delivery company based in Houston.

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